Iran’s ILNA news agency posted on their Telegram channel an Al-Arabiya TV claim about US and Iran reaching an agreement on a draft mediated by Pakistan. They say it’s expected to be announced in the next few hours. (h/t @LiveSquawk on X for catching this early)

The draft includes:

• Immediate and comprehensive ceasefire on all fronts
• The Parties mutually undertake to refrain from targeting infrastructure
• Freedom of navigation in the Persian Gulf and the Strait of Hormuz is guaranteed under a joint monitoring mechanism
• Sanctions will be gradually lifted in exchange for Iran’s compliance with the terms of the deal
• Negotiations on outstanding issues shall begin within a maximum of seven days

This is now getting more coverage. The risk sentiment improved with stocks rising, oil falling, USD and Treasury yields sliding. A private consultant on X (@BashaReport) posted the original version published on Al-Arabiya TV. The key provisions include:

• An immediate, comprehensive, and unconditional ceasefire on all fronts (land, sea, air)
• Mutual commitment not to target military, civilian, or economic infrastructure
• Cessation of military operations and instigating media warfare
• Respect for sovereignty, territorial integrity, and non-interference in internal affairs
• Guaranteed freedom of navigation in the Gulf, Strait of Hormuz, and Sea of Oman
• Establishment of a joint monitoring and dispute resolution mechanism
• Launch of negotiations on outstanding issues within seven days
• Gradual lifting of U.S. sanctions in exchange for Iran’s adherence to the terms
• Affirmation of compliance with international law and the UN Charter

The agreement is stated to enter into force immediately upon formal announcement by both parties.

This article was written by Giuseppe Dellamotta at investinglive.com.